Payments, immediate, or at 3, 6, and 12 months, as follows. To England, 3, 6, and 12 months’ drafts of Mexico on United States $1,000,000 To France, 3, 6, and 12 months’ drafts of Mexico on United States 700,000 To Spain, 3, 6, and 12 months’ drafts of Mexico on United States 500,000 ---------- Total cash, or 3, 6, and 12 months $2,200,000 Interest, in semi-annual drafts of Mexico on the United States. To England, convention, 4 per cent $200,000 bondholders, 3 per cent 1,950,000 ---------- $2,150,000 To Spain, convention, 3 per cent 240,000 ---------- Total interest, per annum $2,390,000 Other outstanding claims of the Allied Powers are not included in either of these lists. It is proposed that these should be provided for by a sinking fund, at the rate of 10 per cent a year for ten years, as follows. To England $400,000 To France 80,000 To France 350,000 To Spain 150,000 -------- Total, per annum $980,000 The assumption of all these liabilities for a long period would throw upon the United States a burden too great for the present moment, although, perhaps, not out of proportion to the anticipated advantages. If anything be done on our part, it must be more moderate. The offer of Mr. Seward for five years, if accepted, would devolve upon the United States a responsibility sufficiently large; and this responsibility ought to be kept within a limitation, of which $15,000,000 should be a maximum. But there are two conditions to be required by the United States, before the assumption of any such responsibility. The first is the assent of the Allied Powers, and the acceptance on their part of the friendly offers proposed. Unless the Allied Powers are parties to the transaction, it would be productive only of embarrassment and loss, without accomplishing any permanent good to the United States or to Mexico. The other essential condition is, that security should be given by Mexico for the liabilities assumed. It is not too much to expect such security; nor is Mexico, as is well known, disinclined to give it. Her creditors are now foreclosing their demands, at the cost, perhaps, of her national existence, and she turns to the United States for help. Not merely friendship, but a continental policy, affecting our own cherished interests, prompts us to afford such help, so far as in our power. In asking for security, we simply follow the rules of prudence, whether between individuals or nations.